Ameriprise quarterly profit up 31 pct, driven by wealth business

Jan 30 (Reuters) - Ameriprise Financial Inc said on Wednesday its fourth-quarter operating earnings rose 31 percent, driven by strong results from the company's advice and wealth management business.

The Minneapolis, Minnesota-based company reported operating earnings of $367 million, or $1.71 a share, for the three months ended Dec 31. Analysts on average expected the company to earn $1.47 a share, excluding items, according to Thomson Reuters I/B/E/S.

The company's total assets under management and administration, which includes both the wealth and asset management businesses, rose 8 percent in the fourth quarter to $681 billion.